Settlers Bank Mortgage Rates, Fees & Info

Windsor, WI

LEI: 549300UGOOUZ7MQRIN06

Tax ID: 26-0636784

5 stars - Updated: 3/28/24 - out of 5 stars, based on 8 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Settlers Bank is a smaller bank specializing in Home Purchase and Refi loans. Settlers Bank has a high proportion of conventional loans. Their top markets by origination volume include: Madison, Appleton, Oshkosh, Baraboo, and Green Bay among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Settlers Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Settlers Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.09% 3/28/24
30 Year Conventional Refi 5.87% 3/28/24
30 Year Cash-out Refi 6.31% 3/28/24
30 Year VA Purchase 6.50% 3/28/24
30 Year VA Refi 5.72% 3/28/24
15 Year Conventional Purchase 5.83% 3/28/24
15 Year Conventional Refi 5.72% 3/28/24
15 Year Cash-out Refi 5.72% 3/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Settlers Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Settlers Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

69

Origination Dollar Volume (All Markets)

$27,905,000

Awards

Settlers Bank 30 Year Conventional Loans bronze Settlers Bank 30 Year Conventional Loans gold Settlers Bank 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Settlers Bank's average 30 year fixed mortgage rate was 5.82%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.66%.

Relative Fees (Closing Costs)

Settlers Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,459.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
MADISON, WI (FHA|USDA|VA) 34 $18,200,000 $535,294 $3,752 5.98%
APPLETON, WI (FHA|USDA|VA) 11 $2,415,000 $219,545 $2,250 6.23%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 7 $2,245,000 $320,714 $2,215 5.77%
Baraboo, WI (FHA|USDA|VA) 3 $935,000 $311,667 $2,004 6.04%
GREEN BAY, WI (FHA|USDA|VA) 3 $825,000 $275,000 $2,637 5.88%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $805,000 $805,000 $0 6.95%
RENO, NV (FHA|USDA|VA) 1 $535,000 $535,000 $5,938 6.63%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $405,000 $405,000 $4,342 5.25%
Whitewater, WI (FHA|USDA|VA) 1 $325,000 $325,000 $1,866 5.25%
Outside of Metro Areas 2 $310,000 $155,000 $1,754 5.88%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $275,000 $275,000 $0 6.50%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $265,000 $265,000 $2,982 5.50%
EAU CLAIRE, WI (FHA|USDA|VA) 2 $250,000 $125,000 $3,502 7.25%
Marinette, WI-MI (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.25%
Settlers Bank's top markets include Madison, Appleton, Oshkosh, Baraboo, and Green Bay among others.

Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Settlers Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 69 $27,905,000 $404,420 $3,096 6.04%

    For 2023, Settlers Bank's most frequently originated type of loan was Conventional, with 69 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 56 $18,790,000 $335,536 $3,158 6.13%
    Refi 9 $8,015,000 $890,556 $2,012 5.36%
    Cash Out Refi 4 $1,100,000 $275,000 $4,226 6.22%

    For 2023, Settlers Bank's most frequently cited loan purpose was Home Purchase, with 56 originations. The 2nd most popular reason was Refi, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 48 $17,040,000 $355,000 $3,459 5.82%
    20 Year 8 $760,000 $95,000 $662 7.63%
    15 Year 3 $1,385,000 $461,667 $3,049 5.63%
    30+ year 3 $1,225,000 $408,333 $3,291 6.04%
    3 Year 3 $4,945,000 $1,648,333 $0 6.50%
    5 Year 2 $1,080,000 $540,000 $0 6.73%
    Other 1 $295,000 $295,000 $395 6.50%
    1 Year 1 $1,175,000 $1,175,000 $0 1.90%

    For 2023, Settlers Bank's most frequently cited loan duration was 30 Year, with 48 originations. The 2nd most popular length was 20 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 52 $15,230,000 $292,885
    $1k-2k 4 $1,550,000 $387,500
    $5k+ 4 $2,770,000 $692,500
    $2k-3k 3 $2,105,000 $701,667
    $4k-5k 1 $225,000 $225,000

    Settlers Bank's average total fees were $3,459, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 52 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 38 $13,490,000 $355,000
    6-7% 23 $11,955,000 $519,783
    7-8% 3 $365,000 $121,667
    Over 8% 3 $65,000 $21,667
    <2.5% 1 $1,175,000 $1,175,000
    4-5% 1 $855,000 $855,000

    During 2023, Settlers Bank's average interest rate for loans was 5.82%, while their most frequently originated rate bucket for loans was 5-6%, with 38 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 24 $6,610,000 $275,417 $2,749 5.96%
    $400k-600k 15 $7,035,000 $469,000 $3,989 5.80%
    $100k-200k 14 $2,110,000 $150,714 $1,977 6.06%
    $600k-1MM 7 $5,025,000 $717,857 $5,823 5.62%
    $100,000 or less 6 $240,000 $40,000 $672 7.92%
    $1MM+ 3 $6,885,000 $2,295,000 $7,517 4.94%

    2023 saw Settlers Bank place emphasis on $200k-400k loans with 24 originations, totaling $6,610,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 23 $9,805,000 $426,304 $3,497 5.89%
    $100k-150k 12 $2,870,000 $239,167 $2,207 6.46%
    $150k-250k 11 $5,635,000 $512,273 $3,366 5.46%
    $75k-100k 11 $2,355,000 $214,091 $3,602 6.41%
    $50k-75k 5 $905,000 $181,000 $2,431 5.73%
    $50k or less 2 $310,000 $155,000 $2,178 5.75%

    Settlers Bank lent most frequently to those with incomes in the $250k+ range, with 23 originations. The second most popular income band? $100k-150k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 13 $5,435,000 $418,077 $2,781 5.38%
    <20% 7 $1,905,000 $272,143 $2,268 6.00%
    30-36% 6 $1,410,000 $235,000 $2,466 6.25%
    40% 5 $1,655,000 $331,000 $1,973 6.23%
    50-60% 5 $1,975,000 $395,000 $3,284 5.55%
    39% 4 $1,150,000 $287,500 $3,579 6.22%
    >60% 3 $515,000 $171,667 $395 7.13%
    38% 3 $895,000 $298,333 $3,588 6.71%
    41% 3 $985,000 $328,333 $2,648 6.29%
    42% 3 $455,000 $151,667 $1,843 6.79%
    44% 3 $1,665,000 $555,000 $7,462 5.58%
    48% 3 $1,025,000 $341,667 $2,751 5.83%
    46% 2 $750,000 $375,000 $6,130 5.75%
    47% 1 $265,000 $265,000 $2,982 5.50%
    36% 1 $515,000 $515,000 $2,203 5.38%
    49% 1 $1,005,000 $1,005,000 $7,517 6.38%
    43% 1 $275,000 $275,000 $3,025 6.75%

    Settlers Bank lent most frequently to those with DTI ratios of 20-30%, with 13 originations. The next most common DTI ratio? <20%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 51 $17,305,000 $339,314 $3,057 5.93%
    Not applicable 5 $6,025,000 $1,205,000 $0 6.59%
    Not provided 10 $4,150,000 $415,000 $3,655 5.96%
    Black 3 $425,000 $141,667 $2,221 7.17%

    Approval Rates

    Total approvals of all applications
    100.00%

    Settlers Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    88.41%

    Settlers Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 69 $27,905,000 $404,420

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    69 $27,905,000 $404,420

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $910,000 $227,500 $2,283 6.09%
    40-60% 15 $9,195,000 $613,000 $3,233 5.83%
    60-80% 24 $8,880,000 $370,000 $3,500 5.97%
    80-100% 17 $8,005,000 $470,882 $3,754 5.57%
    Under 20% 9 $915,000 $101,667 $966 7.43%